{"id":3702,"date":"2016-04-06T00:00:00","date_gmt":"2016-04-06T05:00:00","guid":{"rendered":"https:\/\/stockbrokerfraudblog.blawgcloud.com\/2016\/04\/securities_fraud_exsws_financi"},"modified":"2022-05-19T13:27:11","modified_gmt":"2022-05-19T18:27:11","slug":"securities-fraud-exsws-financi","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-fraud-exsws-financi\/","title":{"rendered":"Securities Fraud: Ex-SWS Financial Services Broker Faces Improper Trading Charges, Ex-Fox Commentator Settles Penny Stock Scam Case, and Former Investment Adviser Gets 7-Years in Prison"},"content":{"rendered":"

FINRA Accuses Ex-Broker of Unsuitable Trading Involving Mutual Funds<\/strong>
\nDavid Randall Lockey, a former broker, is facing Financial Industry Regulatory Authority charges for allegedly engaging in improper trading of customer accounts while associated with SWS Financial Services Inc. He is no longer with that firm, now called the Hilltop Securities Independent Network. According to the regulator, Lockey took part in \u201cunsuitable short-term trading and switching\u201d involving unit investment trusts and mutual funds in four accounts between \u201912 and \u201914.<\/p>\n

Lockey purportedly made about $75,730 for himself and the firm while engaging in improper trading. Meantime, three of the four customers whose accounts he used sustained losses of $15,699. The fourth customer made a gain of almost $5,000.<\/p>\n

FINRA said Lockey has not been registered with any broker-dealer since 2014.<\/p>\n

Ex-TV Commentator Settles Penny Stock Fraud Charges with the SEC<\/strong>
\nThe U.S. Securities and Exchange Commission is charging former FOX commentator Tobin Smith with fraud. According to the regulator, Smith, who is also a market analyst, and his NBT Group fraudulently promoted a penny stock to investors.<\/p>\n

The SEC said that both Smith and his firm received payments to prepare and distribute e-mails, articles, blogs, and other communication promoting IceWEB Inc. stock. They purportedly failed to fully disclose they were receiving the compensation.<\/p>\n

The investors were not made aware of that part of what Smith and NBT were paid was linked to a sustained rise in the data storage company\u2019s share price. The Commission said that marketing materials the investors received included misleading and false statements put there to artificially up the share price and trading volume of IceWEB stock. For example, payment for promotional efforts was $300K and IceWEB stock. NBT could also make over $250K if marketing campaigns proved successful.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FINRA Accuses Ex-Broker of Unsuitable Trading Involving Mutual Funds David Randall Lockey, a former broker, is facing Financial Industry Regulatory Authority charges for allegedly engaging in improper trading of customer accounts while associated with SWS Financial Services Inc. He is no longer with that firm, now called the Hilltop Securities Independent Network. According to the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3739,3799,3741],"tags":[3609,2510],"class_list":["post-3702","post","type-post","status-publish","format-standard","hentry","category-finra","category-mutual-funds","category-securities-fraud","tag-sws-financial-services","tag-unit-investment-trusts"],"yoast_head":"\nSecurities Fraud: Ex-SWS Financial Services Broker Faces Improper Trading Charges, Ex-Fox Commentator Settles Penny Stock Scam Case, and Former Investment Adviser Gets 7-Years in Prison — Investor Lawyers Blog — April 6, 2016<\/title>\n<meta name=\"description\" content=\"FINRA Accuses Ex-Broker of Unsuitable Trading Involving Mutual Funds David Randall Lockey, a former broker, is facing Financial Industry Regulatory — April 6, 2016\" \/>\n<meta name=\"robots\" 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